| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,135 |
| Sterling bank - management account |
438 |
| Sterling bank - security deposit account |
114 |
|
1,687 |
| Tenants’ accounts receivable |
221 |
| Commercial tenants (CATS) receivable |
20 |
| Prepaid expenses: |
|
| Fuel inventory |
91 |
| Prepaid insurance |
448 |
|
539 |
| TOTAL CURRENT ASSETS |
2,468 |
| FUNDS |
|
| Contingency Fund |
12,747 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
9,136 |
| Building |
-0- |
| Building |
11,822 |
| Building equipment |
111 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
374 |
| TOTAL FIXED ASSETS |
21,444 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
36,659 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
951 |
| Stockholders’ abatement payable |
743 |
| Accrued interest payable |
112 |
| Prepaid maintenance charges |
14 |
| Security deposits payable |
114 |
| Amortization due within one year |
995 |
| TOTAL CURRENT LIABILITIES |
2,930 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
37,844 |
| Less:net debt issuance costs |
476 |
|
37,368 |
| Less: Amortization due within one year |
995 |
| TOTAL LONG-TERM LIABILITIES |
36,372 |
| TOTAL LIABILITIES |
39,302 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
651 |
| Paid-in capital re:excess of par value |
60,006 |
| Capital contribution re: mortgage amortization and capital assessments |
37,904 |
| Accumulated deficit- beginning |
(98,301) |
| Net income or (loss) for period |
(1,936) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(967) |
| Accumulated deficit- end |
(101,204) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,643) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
36,659 |